FU | March 18-24, 2017

The SEC shortened to two days from three the settlement cycle for broker-dealer transactions; IBM is working with Swiss financial exchange operator SIX on a cybersecurity compliance tool, and with Canadian banks on digital identification management; global software and IT firm SAP joined the Hyperledger project; and two OnDeck executives penned an op-ed advocating for regulatory change.

Canadian banks work with IBM on ID management. Several Canadian banks, including RBC, Scotia, and TD, have partnered with IBM to manage customers’ digital identities via blockchain. The Concierge system, running on the IBM blockchain, will allow customers to “verify their identity to anyone” privately and securely via app. Its launch is planned for later in 2017.

Coinbase now offers margin trading. The DLT firm, which operates the GDAX cryptocurrency exchange, added margin trading functionality to its platform. Coinbase designed the new functionality “to fit within the boundaries of the Commodity Exchange Act.” Eligible traders may now use Coinbase to place “3X leveraged orders on Bitcoin, Ethereum and Litecoin order books.”

OnDeck execs talk regulatory change. In an American Banker op-ed, OnDeck’s Daniel Gorfine (associate general counsel) and Jeff Martel (head of compliance) present four policy proposals to “advance financial innovation.” Among the four, Gorfine and Martel advocate for the “passporting” of state licenses to “harmonize state laws” and reduce regulatory burdens.